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NN redeems 10.25% senior notes

Published 04/03/2017, 01:13 PM
NN redeems 10.25% senior notes
NNBR
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  • NN (NASDAQ:NNBR) announced the 10.25% senior notes were redeemed with the proceeds of a new $300M Term Loan B credit facility that was added by an amendment to the company's existing Senior Secured Credit Facility.
  • SunTrust Robinson Humphrey acted as Sole Bookrunner on the transaction.
  • The new $300M Term Loan B has priced at LIBOR plus 3.75%, resulting in an annual interest expense reduction of approximately $10M.
  • Richard Holder, President & Chief Executive Officer, commented, "The redemption and refinance of our Senior Notes is an important step in the execution of our strategic plan. We are pleased to take advantage of strong demand for our debt, based on our continued operating performance as well as our improved credit profile. The interest savings are significant and will give us additional flexibility to execute on our growth strategy and enhance shareholder value."
  • Press Release


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